Colliers International agent Darrell Irwin, who marketed the property with colleague Geoff Lamb, says he fielded more than 100 inquiries from “a plethora of southeast Queensland developers”, as well as investors and developers from interstate, Singapore and Hong Kong.

“It was an outstanding result that was well above reserve,” he says.

The auction was ordered by a court after dissent among owners over the sale of the Marine Parade site. In 2010 Sunland made a structured offer to purchase the resort — pending future development approvals — but it fell through after one owner held out, sparking the legal battle.

The resort sits on prime Gold Coast beachfront.

The auction was a gauge of the Gold Coast market and the price surprised some onlookers. The 7284sqm site includes two pools and 46 apartments.

The Australian was told the $23.75 million price would not support a development under the Gold Coast planning scheme, which limits the site to three storeys.

The property is next to a public park to the north and Nobbys headlands reserve to the west.

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